Group 1 - Agree Realty (ADC) reported revenue of $175.53 million for the quarter ended June 2025, a year-over-year increase of 15.1% [1] - The earnings per share (EPS) for the same period was $1.06, compared to $0.52 a year ago, with no EPS surprise as the consensus estimate was also $1.06 [1][4] - The reported revenue exceeded the Zacks Consensus Estimate of $173.71 million by 1.05% [1] Group 2 - Rental income was reported at $175.4 million, surpassing the three-analyst average estimate of $169.93 million, reflecting a year-over-year change of +15.1% [4] - Operating cost reimbursement revenue was $19.38 million, exceeding the average estimate of $17.9 million based on two analysts, representing a year-over-year increase of 21.6% [4] - Other revenues were reported at $0.13 million, slightly above the estimated $0.1 million, but showed a year-over-year decline of 13.9% [4] Group 3 - Shares of Agree Realty have returned +1.2% over the past month, compared to the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Over the last four quarters, the company has surpassed consensus FFO estimates two times. Agree Realty, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $175.53 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.05%. This compares to year-ago revenues of $152.57 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the rece ...

[Agree Realty Corporation Second Quarter 2025 Results](index=1&type=section&id=Agree%20Realty%20Corporation%20Second%20Quarter%202025%20Results) [Financial and Operating Highlights](index=1&type=section&id=Financial_and_Operating_Highlights) The company reported AFFO per share growth and significant investment activity, bolstered by over $1 billion in capital raising Metric (Q2 2025) | Metric (Q2 2025) | Value | Change (YoY) | | :--- | :--- | :--- | | Investment | ~$350M in 110 properties | N/A | | Net Income per share | $0.43 | -18.5% | | Core FFO per share | $1.05 | +1.3% | | AFFO per share | $1.06 | +1.7% | | Monthly Dividend (June) | $0.256 per share | +2.4% | Metric (H1 2025) | Metric (H1 2025) | Value | Change (YoY) | | :--- | :--- | :--- | | Investment | ~$727M in 162 properties | N/A | | Net Income per share | $0.85 | -11.1% | | Core FFO per share | $2.09 | +2.2% | | AFFO per share | $2.12 | +2.4% | | Dividends Declared | $1.527 per share | +2.4% | - The company strengthened its balance sheet with significant capital activities, including a **$400 million bond offering** and raising approximately **$603 million in forward equity**, resulting in **$2.3 billion of liquidity** at quarter-end[5](index=5&type=chunk) [CEO Comments](index=4&type=section&id=CEO_Comments) The CEO highlighted strong performance driven by strategic capital raising, resulting in a "fortress" balance sheet with $2.3 billion in liquidity - Strategically raised over **$800 million of debt and equity capital** during the quarter[18](index=18&type=chunk) - The balance sheet is described as a **"fortress" with $2.3 billion of liquidity**, positioning it as fully funded for growth[18](index=18&type=chunk) [2025 Earnings Guidance](index=3&type=section&id=Earnings_Guidance) The company raised its full-year 2025 guidance for AFFO per share and increased its target for investment volume | Guidance Metric | Prior 2025 | Revised 2025 | | :--- | :--- | :--- | | **AFFO per share** | **$4.27 to $4.30** | **$4.29 to $4.32** | | **Investment volume** | **$1.3 to $1.5 billion** | **$1.4 to $1.6 billion** | | Disposition volume | $10 to $50 million | $10 to $50 million | | Income and other tax expense | $3 to $4 million | $2.5 to $3 million | [Financial Performance](index=2&type=section&id=Financial_Performance) [Key Financial Metrics (Q2 & H1 2025)](index=2&type=section&id=Key_Financial_Metrics) Net Income per share declined year-over-year, while key non-GAAP metrics like Core FFO and AFFO per share demonstrated growth Metric (Q2 2025 vs Q2 2024) | Metric (Q2 2025 vs Q2 2024) | Amount (Q2 2025) | Change | | :--- | :--- | :--- | | Net Income | $47.3M | -10.5% | | Net Income per share | $0.43 | -18.5% | | Core FFO | $115.9M | +11.3% | | Core FFO per share | $1.05 | +1.3% | | AFFO | $117.7M | +11.7% | | AFFO per share | $1.06 | +1.7% | Metric (H1 2025 vs H1 2024) | Metric (H1 2025 vs H1 2024) | Amount (H1 2025) | Change | | :--- | :--- | :--- | | Net Income | $92.5M | -3.5% | | Net Income per share | $0.85 | -11.1% | | Core FFO | $228.6M | +10.9% | | Core FFO per share | $2.09 | +2.2% | | AFFO | $231.6M | +11.1% | | AFFO per share | $2.12 | +2.4% | [Dividend](index=2&type=section&id=Dividend) The company declared a monthly dividend of $0.256 per share, a 2.4% year-over-year increase, maintaining a ~72% AFFO payout ratio - Declared monthly dividends of **$0.256 per common share** for Q2 2025, a **2.4% increase** over the prior year's second quarter[12](index=12&type=chunk) - The dividend payout ratios for Q2 and H1 2025 were approximately **73% of Core FFO per share** and **72% of AFFO per share**[12](index=12&type=chunk)[13](index=13&type=chunk) - Subsequent to quarter end, a monthly dividend of **$0.256** was declared for July 2025, and a preferred stock dividend of **$0.08854 per depositary share** was also declared[14](index=14&type=chunk)[15](index=15&type=chunk) [Portfolio and Operations](index=4&type=section&id=Portfolio_and_Operations) [Portfolio Overview](index=4&type=section&id=Portfolio_Overview) The portfolio consists of 2,513 properties across 50 states, featuring 99.6% occupancy and a high concentration of investment-grade tenants | Metric | Value | | :--- | :--- | | Properties | 2,513 | | States | 50 | | Gross Leasable Area | 52.0 million sq. ft. | | Occupancy | 99.6% leased | | Weighted-Avg. Lease Term | ~8.0 years | | Investment Grade ABR | 67.8% | [Investment Activity](index=4&type=section&id=Investment_Activity) The company invested heavily in acquisitions during H1 2025 while maintaining active development projects and minimal dispositions [Acquisitions](index=4&type=section&id=Acquisitions) The company acquired over $686 million in properties during the first half of 2025 at a weighted-average cap rate of 7.2% - Q2 2025 acquisition volume was approximately **$327.5 million** for 91 properties at a weighted-average capitalization rate of **7.1%** and a remaining lease term of 12.2 years[22](index=22&type=chunk)[23](index=23&type=chunk) - H1 2025 acquisition volume totaled approximately **$686.4 million** for 137 properties at a weighted-average capitalization rate of **7.2%** and a remaining lease term of 12.8 years[24](index=24&type=chunk) [Dispositions](index=4&type=section&id=Dispositions) Property dispositions were minimal in Q2, with full-year volume expected to remain low - Sold four properties for gross proceeds of approximately **$6.2 million** in Q2 2025[25](index=25&type=chunk) - Full-year 2025 disposition volume is anticipated to be between **$10 million and $50 million**[26](index=26&type=chunk) [Development and Developer Funding Platform (DFP)](index=5&type=section&id=Development_and_Developer_Funding_Platform) The company managed 25 development and DFP projects in H1 2025 with total anticipated costs of approximately $139.6 million - In H1 2025, the company had 25 development or DFP projects completed or under construction, with total anticipated costs of approximately **$139.6 million**[28](index=28&type=chunk) - Key tenants for these development projects include **TJX Companies, Burlington, 7-Eleven, Starbucks, and Sunbelt Rentals**[28](index=28&type=chunk) [Portfolio Composition](index=4&type=section&id=Portfolio_Composition) The portfolio is diversified by tenant, sector, and geography, with a significant, high-quality ground lease component [Ground Lease Portfolio](index=4&type=section&id=Ground_Lease_Portfolio) The ground lease portfolio comprises 10.3% of total ABR and is characterized by 100% occupancy and high investment-grade tenancy - The ground lease portfolio consisted of 232 leases, representing **10.3% of total annualized base rents**[20](index=20&type=chunk) - This portfolio segment was **100% occupied** with a weighted-average remaining lease term of 9.4 years and **88.1% of its ABR from investment-grade tenants**[21](index=21&type=chunk) [Top Tenants](index=7&type=section&id=Top_Tenants) The top tenant list is led by major national retailers like Walmart and Tractor Supply, with Genuine Parts Company added in Q2 - **Genuine Parts Company (NAPA Auto Parts)** was added to the top tenants list during Q2 2025, representing **1.7% of ABR**[31](index=31&type=chunk)[32](index=32&type=chunk) | Tenant | % of Annualized Base Rent | | :--- | :--- | | Walmart | 6.0% | | Tractor Supply | 4.8% | | Dollar General | 4.2% | | Best Buy | 3.2% | | O'Reilly Auto Parts | 3.1% | [Retail Sectors](index=8&type=section&id=Retail_Sectors) The portfolio's largest sector exposures are to defensive retail categories like Grocery Stores and Home Improvement | Sector | % of Annualized Base Rent | | :--- | :--- | | Grocery Stores | 10.6% | | Home Improvement | 8.8% | | Tire and Auto Service | 7.7% | | Convenience Stores | 7.6% | | Auto Parts | 7.0% | [Geographic Diversification](index=9&type=section&id=Geographic_Diversification) The portfolio is geographically diversified across the US, with Texas representing the largest single-state exposure by ABR | State | % of Annualized Base Rent | | :--- | :--- | | Texas | 7.2% | | Illinois | 6.0% | | Michigan | 5.4% | | Ohio | 5.1% | | Pennsylvania | 5.0% | [Leasing Activity and Expirations](index=6&type=section&id=Leasing_Activity_and_Expirations) The company executed significant leasing volume in H1 2025 while facing minimal lease expirations for the remainder of the year - Executed new leases, extensions, or options on **~948,000 sq. ft. in Q2** and **~1.5 million sq. ft. in H1 2025**[29](index=29&type=chunk)[30](index=30&type=chunk) - Notable Q2 leasing activity included a **218,000-square foot Walmart Supercenter** and five leases with **TJX Companies** totaling over 125,000-square feet[29](index=29&type=chunk) - Lease expirations for the remainder of 2025 are very low, accounting for only **0.4% of annualized base rent**[30](index=30&type=chunk) [Capital Structure and Liquidity](index=10&type=section&id=Capital_Structure_and_Liquidity) [Capital Markets Activity](index=10&type=section&id=Capital_Markets_Activity) The company actively managed its capital structure in Q2 through a significant bond offering and forward equity agreements - Completed a follow-on public offering of ~5.2 million shares in connection with forward sale agreements, anticipating net proceeds of **$387.2 million**[37](index=37&type=chunk) - Completed a **$400 million public bond offering** of 5.60% senior unsecured notes due 2035. The all-in rate is **5.35%** after considering terminated swap agreements[38](index=38&type=chunk) - As of June 30, 2025, the company had 17.5 million shares remaining to be settled under forward equity offerings, representing approximately **$1.3 billion in anticipated net proceeds**[39](index=39&type=chunk)[69](index=69&type=chunk) [Balance Sheet and Liquidity](index=10&type=section&id=Balance_Sheet_and_Liquidity) The company maintained substantial liquidity of $2.3 billion and a proforma net debt to recurring EBITDA of 3.1x - Total liquidity was **$2.3 billion** at quarter-end, including **$1.0 billion of availability** on the revolving credit facility and **$1.3 billion of outstanding forward equity**[40](index=40&type=chunk) | Metric (as of June 30, 2025) | Value | | :--- | :--- | | Net Debt to Recurring EBITDA | 5.2x | | Proforma Net Debt to Recurring EBITDA | 3.1x | | Fixed Charge Coverage Ratio | 4.2x | | Total Debt to Enterprise Value | 28.2% | [Financial Statements](index=13&type=section&id=Financial_Statements) [Consolidated Balance Sheet](index=13&type=section&id=Consolidated_Balance_Sheet) Total assets grew to $9.08 billion, driven by real estate investments, with a corresponding increase in liabilities and equity | Balance Sheet Item | June 30, 2025 ($ in thousands) | Dec 31, 2024 ($ in thousands) | | :--- | :--- | :--- | | Net real estate investments | $7,958,625 | $7,418,108 | | **Total Assets** | **$9,084,744** | **$8,486,446** | | **Total Liabilities** | **$3,430,340** | **$2,975,785** | | **Total Equity** | **$5,654,404** | **$5,510,661** | [Consolidated Statements of Operations](index=14&type=section&id=Consolidated_Statements_of_Operations) Revenues increased year-over-year, but higher operating expenses led to a decline in net income for the second quarter Income Statement (Three months ended June 30) | Income Statement (Three months ended June 30) | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | Total Revenues | $175,527 | $152,575 | | Total Operating Expenses | $95,031 | $77,784 | | Income from Operations | $82,006 | $81,967 | | **Net Income Attributable to Common Stockholders** | **$47,339** | **$52,865** | | Diluted EPS | $0.43 | $0.52 | Income Statement (Six months ended June 30) | Income Statement (Six months ended June 30) | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | Total Revenues | $344,687 | $302,029 | | Total Operating Expenses | $186,268 | $158,781 | | Income from Operations | $160,701 | $152,465 | | **Net Income Attributable to Common Stockholders** | **$92,476** | **$95,865** | | Diluted EPS | $0.85 | $0.95 | [Non-GAAP Reconciliations and Definitions](index=16&type=section&id=Non-GAAP_Reconciliations_and_Definitions) [Reconciliation of Net Income to FFO, Core FFO, and AFFO](index=16&type=section&id=Reconciliation_of_Net_Income_to_FFO_Core_FFO_and_AFFO) This section reconciles Net Income to FFO, Core FFO, and AFFO by adjusting for non-cash items like depreciation and amortization | Reconciliation (Q2 2025, $ in thousands) | Amount | | :--- | :--- | | Net Income | $49,353 | | *Adjustments (Depreciation, Amortization, etc.)* | ... | | **Funds from Operations (FFO)** | **$107,322** | | *Amortization of lease intangibles, net* | $8,620 | | **Core Funds from Operations (Core FFO)** | **$115,942** | | *Straight-line rent, Stock comp, etc.* | ... | | **Adjusted Funds from Operations (AFFO)** | **$117,677** | [Reconciliation of Non-GAAP Financial Measures (Debt & EBITDA)](index=18&type=section&id=Reconciliation_of_Non-GAAP_Financial_Measures_Debt_EBITDA) This section details the calculation of Net Debt and Recurring EBITDA, arriving at a proforma leverage ratio of 3.1x | Debt & EBITDA Calculation (Q2 2025, $ in thousands) | Amount | | :--- | :--- | | Total Debt per Balance Sheet | $3,219,545 | | **Net Debt** | **$3,241,488** | | Anticipated Net Proceeds from Forward Equity | ($1,289,392) | | **Proforma Net Debt** | **$1,952,096** | | Recurring EBITDA | $155,335 | | **Annualized Recurring EBITDA** | **$621,340** | [Supplemental Information (Rental Income)](index=20&type=section&id=Supplemental_Information_Rental_Income) This table details the components of rental income, including minimum rents, reimbursements, and non-cash adjustments | Rental Income Source (Q2 2025, $ in thousands) | Amount | | :--- | :--- | | Minimum rents | $160,205 | | Operating cost reimbursement | $19,383 | | Straight-line rental adjustments | $3,789 | | Amortization of (above) below market lease intangibles | ($8,537) | | **Total Rental Income** | **$175,397** | [Definitions of Non-GAAP Measures](index=16&type=section&id=Definitions_of_Non-GAAP_Measures) Key non-GAAP financial measures such as FFO, Core FFO, and AFFO are defined to clarify performance analysis - **FFO:** Net income excluding gains/losses from property sales and real estate depreciation[61](index=61&type=chunk) - **Core FFO:** FFO adjusted for non-cash amortization of above/below-market lease intangibles[63](index=63&type=chunk) - **AFFO:** Core FFO further adjusted for non-cash items like straight-line rent and stock-based compensation[64](index=64&type=chunk)

[PART I: Financial Information](index=4&type=section&id=PART%20I%20Financial%20Information) [Item 1: Financial Statements (Unaudited)](index=4&type=section&id=Item%201%3A%20Financial%20Statements%20(Unaudited)) The unaudited financial statements show asset growth to $9.08 billion and increased revenues, though net income declined due to higher expenses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$9,084,744** | **$8,486,446** | | Net real estate investments | $7,958,625 | $7,418,108 | | **Total Liabilities** | **$3,430,340** | **$2,975,785** | | Senior unsecured notes, net | $2,582,892 | $2,237,759 | | Unsecured revolving credit facility and commercial paper notes | $247,000 | $158,000 | | **Total Equity** | **$5,654,404** | **$5,510,661** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Statement of Operations Summary (in thousands, except per-share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $175,527 | $152,575 | $344,687 | $302,029 | | Income from Operations | $82,006 | $81,967 | $160,701 | $152,465 | | Net Income | $49,353 | $54,913 | $96,501 | $99,927 | | Net Income Attributable to Common Stockholders | $47,339 | $52,865 | $92,476 | $95,865 | | Diluted EPS | $0.43 | $0.52 | $0.85 | $0.95 | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) - Total equity increased from **$5.51 billion** at the end of 2024 to **$5.65 billion** as of June 30, 2025, primarily driven by net income and the issuance of common stock, net of dividends[13](index=13&type=chunk) - Cash dividends declared per common share increased to **$0.768 for Q2 2025**, up from $0.750 in Q2 2024[13](index=13&type=chunk)[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $246,302 | $211,962 | | Net Cash Used in Investing Activities | ($725,812) | ($302,085) | | Net Cash Provided by Financing Activities | $482,022 | $99,853 | | **Increase in Cash** | **$2,512** | **$9,730** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - As of June 30, 2025, the Company owned **2,513 properties** with a total gross leasable area (GLA) of approximately **52.0 million square feet**[21](index=21&type=chunk) Real Estate Activity - Six Months Ended June 30, 2025 (dollars in thousands) | Activity | Count | Amount | | :--- | :--- | :--- | | Properties Acquired | 137 | $687,371 | | Properties Sold | 5 | $8,158 (Net Proceeds) | | Properties Impaired | 7 | $7,292 (Provision) | - In May 2025, the company issued **$400.0 million of 5.600% Senior Unsecured Public Notes** due 2035 and repaid $50.0 million of notes at maturity[105](index=105&type=chunk)[106](index=106&type=chunk) - In March 2025, the company established a commercial paper program, allowing it to issue up to **$625.0 million** in short-term unsecured notes; as of June 30, 2025, **$247.0 million was outstanding**[114](index=114&type=chunk)[107](index=107&type=chunk) - In April 2025, the company completed a follow-on public offering of **5,175,000 shares** of common stock via forward sale agreements, with anticipated net proceeds of approximately **$387.2 million**[119](index=119&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses portfolio growth, revenue increases from acquisitions, and declining net income due to higher interest, G&A, and impairment costs [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Comparison of Three Months Ended June 30, 2025 vs 2024 (in thousands) | Item | Q2 2025 | Q2 2024 | Variance ($) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | Rental Income | $175,397 | $152,424 | $22,973 | 15% | | Interest Expense, net | $32,274 | $26,416 | $5,858 | 22% | | Net Income | $49,353 | $54,913 | ($5,560) | -10% | - The increase in rental income was driven by the acquisition of new properties; the rise in interest expense was primarily due to higher borrowing levels to finance these acquisitions, including the issuance of **$400.0 million in new notes** in May 2025[187](index=187&type=chunk)[189](index=189&type=chunk) - For the six months ended June 30, 2025, **net income decreased by 3% to $96.5 million** compared to the same period in 2024, reflecting portfolio growth offset by higher expenses and a **$7.3 million impairment provision**[198](index=198&type=chunk)[203](index=203&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had over **$2.30 billion of liquidity**, consisting of cash, unsettled forward equity, and availability under its Revolving Credit Facility[208](index=208&type=chunk) - Recent capital activities include a **$400.0 million public offering of 5.600% Notes** due 2035 in May 2025 and a follow-on public offering of **5,175,000 common shares** in April 2025[205](index=205&type=chunk)[206](index=206&type=chunk) - The company's total debt to total enterprise value was **28.2%** as of June 30, 2025[212](index=212&type=chunk) Material Cash Requirements as of June 30, 2025 (in thousands) | Obligation | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Debt Principal | $247,520 | $629 | $50,000 | $410,000 | $492,250 | $2,050,000 | $3,250,399 | | Land Lease Obligations | $999 | $2,022 | $1,884 | $1,855 | $1,846 | $34,702 | $43,308 | [Non-GAAP Financial Measures](index=74&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP Performance (per diluted share/unit) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | FFO | $0.97 | $0.95 | $1.93 | $1.88 | | Core FFO | $1.05 | $1.03 | $2.09 | $2.05 | | AFFO | $1.06 | $1.04 | $2.12 | $2.07 | [Item 3: Quantitative and Qualitative Disclosures about Market Risk](index=77&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuation, which is managed through fixed-rate debt and interest rate swaps - The company's main market risk is interest rate risk, managed by monitoring its variable rate debt and using derivative instruments like interest rate swaps[263](index=263&type=chunk)[268](index=268&type=chunk) - The company has effectively fixed the interest rate on its **$350.0 million 2029 Unsecured Term Loan at 3.57%** through interest rate swaps[269](index=269&type=chunk) - A hypothetical **100-basis point increase** in market interest rates would change the annual interest expense on the **$247.0 million** of outstanding Commercial Paper Notes by approximately **$2.5 million**[274](index=274&type=chunk) [Item 4: Controls and Procedures](index=79&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective, with no material changes during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were **effective** as of the end of the reporting period[275](index=275&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[276](index=276&type=chunk) [PART II: Other Information](index=79&type=section&id=PART%20II%20Other%20Information) [Item 1: Legal Proceedings](index=79&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is not involved in any material litigation outside of routine matters covered by insurance - The Company is **not presently involved in any material litigation**[277](index=277&type=chunk) [Item 1A: Risk Factors](index=79&type=section&id=Item%201A%3A%20Risk%20Factors) There are no material changes from the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - The report refers to the risk factors detailed in the **Annual Report on Form 10-K for the year ended December 31, 2024**[278](index=278&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company withheld a small number of shares for employee tax obligations and made minor share repurchases Common Stock Repurchases Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 42 | $78.72 | | May 2025 | 86 | $75.17 | | June 2025 | 0 | — | | **Total** | **128** | **$76.33** | [Item 3: Defaults Upon Senior Securities](index=80&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[281](index=281&type=chunk) [Item 4: Mine Safety Disclosures](index=80&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[282](index=282&type=chunk) [Item 5: Other Information](index=80&type=section&id=Item%205%3A%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted or terminated any Rule 10b5-1 trading arrangement during the quarter[283](index=283&type=chunk) [Item 6: Exhibits](index=81&type=section&id=Item%206%3A%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including required CEO and CFO certifications - Lists filed exhibits, including **CEO and CFO certifications (Sections 302 and 906)** and Inline iXBRL data[285](index=285&type=chunk)[286](index=286&type=chunk) [Signatures](index=84&type=section&id=SIGNATURES)

Core Viewpoint - The article discusses the current market trends and potential investment opportunities within specific sectors, emphasizing the importance of thorough analysis in making informed investment decisions [2]. Group 1: Market Trends - Recent market fluctuations have highlighted the volatility in certain sectors, prompting investors to reassess their strategies [2]. - The technology sector continues to show strong growth potential, driven by advancements in artificial intelligence and cloud computing [2]. Group 2: Investment Opportunities - Companies focusing on renewable energy are gaining traction, with significant investments flowing into this sector as governments push for sustainability [2]. - The healthcare industry is also poised for growth, particularly in biotechnology and telehealth services, which have seen increased demand due to recent global health challenges [2].

Annaly Capital (NLY 0.66%) has a huge dividend yield that approaches 15%. And the mortgage real estate investment trust (REIT) just increased its dividend at the start of 2025. But don't get lured in by the yield if you are looking for a reliable dividend stock. The big problem with Annaly Capital Annaly Capital actually achieves what it sets out to do, so it isn't a bad mortgage REIT. The problem is the mortgage REIT model, which involves buying mortgages that have been pooled into bond-like securities. Th ...

Group 1 - The investment approach has received over 500 five-star reviews from members, indicating high satisfaction and perceived benefits [1] - The company invests significant resources, over $100,000 annually, into researching profitable real estate investment opportunities [1] - The leader of the investing group High Yield Landlord shares real-time transactions and maintains three distinct portfolios: core, retirement, and international [2] Group 2 - Jussi Askola, the President of Leonberg Capital, is recognized for his expertise in REIT investing and has authored award-winning academic papers on the subject [2] - The investing group offers features such as buy/sell alerts and direct access to analysts for member inquiries [2]

Company Overview - Agree Realty Corporation (NYSE: ADC) is the focus of the article, which discusses its credit rating and financial instruments [1]. Financial Instruments - The article aims to provide insights into the credit rating of Agree Realty Corporation and its associated financial instruments [1].

Group 1 - The debt market is anticipating that the Federal Reserve will likely cut interest rates at their meeting on September 17th after a 7-month pause in cuts [1] - The company has released its latest top investment picks for July 2025, providing immediate access to these opportunities for new members [1] - The company invests over $100,000 annually into researching profitable investment opportunities, focusing on real estate strategies [1] Group 2 - The company's approach has garnered over 500 five-star reviews from satisfied members who are experiencing positive returns [2] - There is an emphasis on maximizing returns for members who join the investment program [2]

Group 1 - When stock prices decline without clear reasons, it raises concerns among investors about potential underlying issues within the business [1] Group 2 - The article emphasizes the importance of conducting due diligence and encourages investors to build portfolios of high-quality, dividend-paying companies [2] - The author expresses a personal investment strategy focused on long-term holdings in blue-chip stocks, BDCs, and REITs to supplement retirement income [2]